passwella.
Menu

WAEC Financial Accounting 2019 Question 6

Question 6

Incomplete Records

Use the following information to answer questions 6 and 7.
(01/01/17 / 31/12/17)
Trade creditors: ₦630,000 / ₦780,000
Stock: ₦540,000 / ₦480,000
Cash paid to trade creditors in 2017 was ₦2,700,000.
Purchases for 2017 was

  1. A.₦3,480,000.
  2. B.₦2,850,000.
  3. C.₦2,700,000.
  4. D.₦2,550,000.
Show the answer and explanation

Answer: B (₦2,850,000.)

Explanation

2,700,000 + 780,000 − 630,000 = ₦2,850,000.